REC Inks MoU with Rajasthan Government for INR 20,000 Crore Annual Financing
The agreement entails REC Limited extending loans of up to INR 20,000 crores annually over the next six years to various departments, undertakings, institutions, and schemes of the Government of Rajasthan.
March 12, 2024. By Abha Rustagi
The agreement entails REC Limited extending loans of up to INR 20,000 crores annually over the next six years to various departments, undertakings, institutions, and schemes of the Government of Rajasthan.
The signing ceremony, held in Jaipur, witnessed the presence of reputed dignitaries including Chief Minister of Rajasthan Bhajan Lal Sharma, Deputy Chief Minister Diya Kumari, Minister of State for Energy Heera Lal Naagar, Chief Secretary Sudhansh Pant, Union Coal Secretary Amrit Lal Meena, CMD of REC Vivek Kumar Dewangan, CMDs of NTPC, Powergrid, NLC India, and Director of Coal India.
Union Minister for Power and New & Renewable Energy R.K. Singh and Union Minister for Coal Prahlad Joshi graced the occasion via video conference, expressing their support and best wishes for the initiatives undertaken by the Government of Rajasthan.
CMD of REC Ltd., Vivek Kumar Dewangan, emphasized the significance of the collaboration, stating, "We are proud to collaborate with the Government of Rajasthan in its mission to enhance infrastructure development across the state. Through this partnership, we aim to support sustainable growth and address the evolving energy needs of the region, along with the development of other infrastructure sectors."
The MoU signifies a significant step towards accelerating infrastructure projects in Rajasthan, encompassing power projects, metros, roads & highways, airports, IT infrastructure, oil refinery, steel infrastructure, ports & waterways, fiber optics, telecom, health sector, tourism infrastructure, agriculture, and other infrastructural endeavors.
Additionally, MoUs worth INR 1.6 lakh crores were inked with the Government of Rajasthan by Central Public Sector Undertakings (CPSUs) under the Ministry of Power and Ministry of Coal, highlighting a substantial commitment towards bolstering infrastructure development and driving economic growth in the region.
REC Limited registered with RBI as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC), plays a pivotal role in financing the entire Power-Infrastructure sector, including generation, transmission, distribution, and renewable energy.
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